Shiba Inu’s (SHIB) burn rate has soared by an astonishing 6,070% over the last 24 hours. Moreover, more than $4 million SHIB tokens have been burned so far today. Hence, it has sparked optimism around SHIB price surge to the $0.00003 mark as the meme crypto showed a robust performance with over 5% gains.
Shiba Inu Community’s Burn Efforts Take Lead
According to Shibburn data, the Shiba Inu burn rate rocketed 6,070.40% today with over 4.18 million SHIB tokens permanently removed from circulation. Burn transactions are a crucial mechanism in reducing the total circulating supply of SHIB, aiming to increase scarcity and potentially enhance its value over time.
One of the largest recent burns occurred 24 hours ago, where an address starting with 0x60812 sent 2.007 million SHIB to a burn wallet. Another significant burn, logged 19 hours ago, saw 0xf89d7 permanently remove 1.55 million SHIB. Smaller burns include a 500,000 SHIB transaction from 0x79669 three hours ago and a 125,000 SHIB burn by 0xa9d1e 16 hours ago.
The dramatic increase in SHIB’s burn rate coincides with the token’s bullish price performance. Shiba Inu has shown resilience amid market fluctuations, surpassing key resistance levels. If SHIB maintains its upward trajectory, breaking $0.00003 would mark a significant milestone, further boosting investor confidence.
Shiba Inu’s burn strategy has long been central to its roadmap, as the project focuses on enhancing its utility through initiatives like Shibarium, its Layer 2 blockchain. These burns not only reduce supply but also align with SHIB’s deflationary goals, encouraging long-term holding among investors.
What’s Next for SHIB Price?
At the time of writing, the Shiba Inu price soared 5.93% to $0.00002591 on Tuesday, November 19. Furthermore, the 24-hour trade volume for the dog-themed memecoin increased by 1.79% to $1.31 billion.
The latest aggressive burn activity could contribute to SHIB’s recent price action with the token breaking past the $0.000025 resistance level. Analysts suggest that if this momentum continues, SHIB could rally to $0.00003 in the near term.
While the burn activity is promising, experts caution that price movements depend on broader market conditions and sustained demand. Nonetheless, Shiba Inu’s recent developments and rising burn rates highlight its commitment to value creation and could pave the way for future gains.
Also Read: Ripple Memecoins Surge Amid XRP Price Movement: Analysts
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<p>The post Shiba inu Burn Rate Skyrockets 6070%, SHIB Price to $0.00003 Soon? first appeared on CoinBuzzFeed.</p>
